Asia Pacific Electric Vehicle Busbar Market Analysis

Asia Pacific Electric Vehicle Busbar Market Analysis

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Based on material, the copper segment holds the largest market share and is expected to exceed USD 1.3 billion by 2032. Copper offers lower resistivity, thereby efficiently carry higher currents with minimal power loss. Additionally, copper has excellent thermal conductivity, allowing it to dissipate heat effectively, which is crucial for maintaining the stability and performance of busbars in electric vehicles. While copper remains a preferred material, aluminium is emerging as a viable alternative, offering lightweight characteristics that will potentially influence market shares in the future.
 

Based on power rating, the high power EV busbars rating segment is anticipated to grow at a CAGR of over 20% through 2032, driven by the increasing demand for fast-charging capabilities in electric vehicles. High power ratings enable rapid energy transfer and significantly reduce charging times, making them crucial for supporting the growing network of fast-charging stations. Additionally, advances in materials science, manufacturing, and design enable the production of efficient and cost-effective high power rating busbars, making them more accessible for EV manufacturers and contributing to their widespread adoption in electric vehicles.

China electric vehicle busbar market revenue to cross USD 1.8 billion by 2032, propelled by robust EV industry, supportive government policies, and extensive investments in deploying EV charging stations. The country’s robust manufacturing infrastructure and supply chain ecosystem along with rigorous public & private investments will enable efficient production and distribution of busbars to meet the growing demand. For instance, in September 2023, BYD and Shell together installed over 250 EV charging stations in China catering to the increasing adoption of electric vehicles in the country. As a result, substantial demand for electric vehicles has risen the demand for EV components, including busbars.